CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2024-11-14

SEC-registered investment adviser since 1999 · limited liability company

Assets managed$4.5bn
Staff40 · 17 in investment roles
Main clients (by assets)High net worth individuals 82%, Charities 12%, Companies 4%
Form ADV · 2026-02-10SEC adviser record

Legal entityCLIFFORD SWAN INVESTMENT COUNSEL LLC (US)

$2.8bn reported value +5.5% vs Q2 2024

312positions

31.7%in top 10

13 new 68 added 133 reduced 4 sold out vs Q2 2024

Holdings, Q3 2024

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	APPLE INC COM AAPL	AAPL	703,672	$164.0m5.81%	5.81%	Reduced -17.2k	-17,230 -2.4%
2	MICROSOFT CORP COM MSFT	MSFT	307,183	$132.2m4.69%	4.69%	Reduced -2.8k	-2,752 -0.9%
3	UNITED PARCEL SERVICE INC CL B UPS	UPS	868,335	$118.4m4.20%	4.20%	Added +4.4k	+4,355 0.5%
4	COSTCO WHSL CORP NEW COM COST	COST	109,877	$97.4m3.45%	3.45%	Reduced -3.5k	-3,524 -3.1%
5	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	178,854	$82.3m2.92%	2.92%	Reduced -7.3k	-7,280 -3.9%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	432,212	$71.7m2.54%	2.54%	Added +2.6k	+2,615 0.6%
7	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	171,892	$60.8m2.15%	2.15%	Reduced -970	-970 -0.6%
8	ARISTA NETWORKS INC COM COM		157,633	$60.5m2.14%	2.14%	Reduced -6.5k	-6,468 -3.9%
9	LOWES COS INC COM LOW	LOW	210,948	$57.1m2.03%	2.03%	Reduced -1.3k	-1,338 -0.6%
10	CHEVRON CORP NEW COM CVX	CVX	329,346	$48.5m1.72%	1.72%	Added +694	+694 0.2%
11	ORACLE CORP COM ORCL	ORCL	270,919	$46.2m1.64%	1.64%	Reduced -3.5k	-3,509 -1.3%
12	JPMORGAN CHASE & CO COM JPM	JPM	203,444	$42.9m1.52%	1.52%	Reduced -4.5k	-4,515 -2.2%
13	TRACTOR SUPPLY CO COM TSCO	TSCO	136,970	$39.8m1.41%	1.41%	Reduced -573	-573 -0.4%
14	JOHNSON & JOHNSON COM JNJ	JNJ	242,987	$39.4m1.40%	1.40%	Reduced -6.6k	-6,628 -2.7%
15	EXXON MOBIL CORP COM XOM	XOM	318,377	$37.3m1.32%	1.32%	Reduced -2.6k	-2,570 -0.8%
16	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	379,687	$36.5m1.29%	1.29%	Reduced -3.5k	-3,459 -0.9%
17	AMAZON COM INC COM AMZN	AMZN	179,439	$33.4m1.19%	1.19%	Added +1.8k	+1,796 1.0%
18	FASTENAL CO COM FAST	FAST	442,794	$31.6m1.12%	1.12%	Reduced -631	-631 -0.1%
19	WELLS FARGO CO NEW COM WFC	WFC	553,999	$31.3m1.11%	1.11%	Reduced -46.6k	-46,561 -7.8%
20	AMERICAN EXPRESS CO COM AXP	AXP	115,019	$31.2m1.11%	1.11%	Reduced -892	-892 -0.8%
21	ABBVIE INC COM ABBV	ABBV	156,872	$31.0m1.10%	1.10%	Reduced -6.3k	-6,271 -3.8%
22	QUALCOMM INC COM QCOM	QCOM	180,704	$30.7m1.09%	1.09%	Reduced -3.6k	-3,602 -1.9%
23	UNITEDHEALTH GROUP INC COM UNH	UNH	52,062	$30.4m1.08%	1.08%	Added +1.8k	+1,794 3.6%
24	STRYKER CORPORATION COM SYK	SYK	83,959	$30.3m1.08%	1.08%	Reduced -1.2k	-1,181 -1.4%
25	CORTEVA INC COM CTVA	CTVA	512,607	$30.1m1.07%	1.07%	Added +44.8k	+44,788 9.6%
26	EMERSON ELEC CO COM EMR	EMR	268,286	$29.3m1.04%	1.04%	Reduced -28.6k	-28,626 -9.6%
27	INTUIT COM INTU	INTU	44,449	$27.6m0.98%	0.98%	Reduced -597	-597 -1.3%
28	HP INC COM HPQ	HPQ	767,498	$27.5m0.98%	0.98%	Reduced -20.9k	-20,903 -2.6%
29	PROCTER AND GAMBLE CO COM PG	PG	155,394	$26.9m0.95%	0.95%	Reduced -998	-998 -0.6%
30	ALPHABET INC CAP STK CL C GOOG	GOOG	160,482	$26.8m0.95%	0.95%	Reduced -567	-567 -0.3%
31	RTX CORPORATION COM RTX	RTX	219,900	$26.6m0.94%	0.94%	Reduced -662	-662 -0.3%
32	MCDONALDS CORP COM MCD	MCD	85,978	$26.2m0.93%	0.93%	Reduced -3.7k	-3,662 -4.1%
33	ABBOTT LABS COM ABT	ABT	217,768	$24.8m0.88%	0.88%	Reduced -3.7k	-3,748 -1.7%
34	JOHNSON CTLS INTL PLC SHS JCI	JCI	311,738	$24.2m0.86%	0.86%	Added +1.4k	+1,428 0.5%
35	DUPONT DE NEMOURS INC COM DWDP	DWDP	270,641	$24.1m0.85%	0.85%	Reduced -16.0k	-15,970 -5.6%
36	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	457,116	$23.7m0.84%	0.84%	Added +51.5k	+51,537 12.7%
37	NOVO-NORDISK A S ADR NVO	NVO	193,763	$23.1m0.82%	0.82%	Reduced -1.4k	-1,355 -0.7%
38	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	210,672	$22.1m0.78%	0.78%	Reduced -2.2k	-2,204 -1.0%
39	AGILENT TECHNOLOGIES INC COM A	A	145,653	$21.6m0.77%	0.77%	Reduced -665	-665 -0.5%
40	LABCORP HOLDINGS INC COM SHS LH	LH	96,382	$21.5m0.76%	0.76%	New
41	SPDR GOLD TR GOLD SHS GLD	GLD	88,467	$21.5m0.76%	0.76%	Added +950	+950 1.1%
42	CISCO SYS INC COM CSCO	CSCO	403,798	$21.5m0.76%	0.76%	Reduced -4.8k	-4,826 -1.2%
43	MCKESSON CORP COM MCK	MCK	42,798	$21.2m0.75%	0.75%	Reduced -209	-209 -0.5%
44	BOOKING HOLDINGS INC COM BKNG	BKNG	4,680	$19.7m0.70%	0.70%	Reduced -18	-18 -0.4%
45	INTEL CORP COM INTC	INTC	804,318	$18.9m0.67%	0.67%	Added +125.8k	+125,826 18.5%
46	PEPSICO INC COM PEP	PEP	109,103	$18.6m0.66%	0.66%	Reduced -601	-601 -0.6%
47	SCHLUMBERGER LTD COM STK SLB	SLB	439,390	$18.4m0.65%	0.65%	Added +53.4k	+53,385 13.8%
48	STARBUCKS CORP COM SBUX	SBUX	186,084	$18.1m0.64%	0.64%	Reduced -6.9k	-6,937 -3.6%
49	MONDELEZ INTL INC CL A MDLZ	MDLZ	243,516	$17.9m0.64%	0.64%	Added +40.8k	+40,790 20.1%
50	META PLATFORMS INC CL A META	META	30,960	$17.7m0.63%	0.63%	Reduced -5.1k	-5,132 -14.2%
51	PAYPAL HLDGS INC COM PYPL	PYPL	223,640	$17.5m0.62%	0.62%	Added +16.2k	+16,237 7.8%
52	NIKE INC CL B NKE	NKE	196,291	$17.4m0.62%	0.62%	Reduced -4.0k	-3,969 -2.0%
53	PARKER-HANNIFIN CORP COM PH	PH	26,696	$16.9m0.60%	0.60%	Added +5	+5 0.0%
54	EDWARDS LIFESCIENCES CORP COM EW	EW	254,425	$16.8m0.60%	0.60%	Added +15.0k	+15,034 6.3%
55	CARMAX INC COM KMX	KMX	213,564	$16.5m0.59%	0.59%	Added +10.9k	+10,882 5.4%
56	COLGATE PALMOLIVE CO COM CL	CL	158,179	$16.4m0.58%	0.58%	Reduced -28.8k	-28,773 -15.4%
57	PFIZER INC COM PFE	PFE	554,345	$16.0m0.57%	0.57%	Added +34.6k	+34,555 6.7%
58	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	323,782	$16.0m0.57%	0.57%	Added +90.7k	+90,723 38.9%
59	HOME DEPOT INC COM HD	HD	38,762	$15.7m0.56%	0.56%	Added +2.4k	+2,384 6.5%
60	CATERPILLAR INC COM CAT	CAT	39,814	$15.6m0.55%	0.55%	Reduced -338	-338 -0.8%
61	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	756,658	$15.5m0.55%	0.55%	Reduced -90.8k	-90,825 -10.7%
62	DISNEY WALT CO COM DIS	DIS	156,883	$15.1m0.53%	0.53%	Reduced -7.3k	-7,335 -4.5%
63	SYSCO CORP COM SYY	SYY	192,380	$15.0m0.53%	0.53%	Added +22.5k	+22,453 13.2%
64	UNION PAC CORP COM UNP	UNP	55,336	$13.6m0.48%	0.48%	Reduced -1.3k	-1,275 -2.2%
65	WALMART INC COM WMT	WMT	168,277	$13.6m0.48%	0.48%	Reduced -1.0k	-1,015 -0.6%
66	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	47,771	$13.2m0.47%	0.47%	Reduced -800	-800 -1.6%
67	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	82,707	$13.1m0.47%	0.47%	Reduced -50	-50 -0.1%
68	PHILIP MORRIS INTL INC COM PM	PM	108,057	$13.1m0.47%	0.47%	Reduced -1.1k	-1,141 -1.0%
69	EBAY INC. COM EBAY	EBAY	195,745	$12.7m0.45%	0.45%	Reduced -1.1k	-1,063 -0.5%
70	AMGEN INC COM AMGN	AMGN	39,150	$12.6m0.45%	0.45%	Reduced -533	-533 -1.3%
71	ALBEMARLE CORP COM ALB	ALB	124,418	$11.8m0.42%	0.42%	Added +982	+982 0.8%
72	HONEYWELL INTL INC COM COM		55,347	$11.4m0.41%	0.41%	Added +404	+404 0.7%
73	VERIZON COMMUNICATIONS INC COM VZ	VZ	234,480	$10.5m0.37%	0.37%	Added +5.4k	+5,352 2.3%
74	CONOCOPHILLIPS COM COP	COP	98,829	$10.4m0.37%	0.37%	Reduced -584	-584 -0.6%
75	NORTHROP GRUMMAN CORP COM NOC	NOC	19,341	$10.2m0.36%	0.36%	Added +20	+20 0.1%
76	ENTEGRIS INC COM ENTG	ENTG	86,811	$9.8m0.35%	0.35%	Added +576	+576 0.7%
77	PUBLIC STORAGE COM PSA	PSA	26,666	$9.7m0.34%	0.34%	Unchanged
78	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	16,657	$9.6m0.34%	0.34%	Reduced -202	-202 -1.2%
79	MERCK & CO INC COM MRK	MRK	83,987	$9.5m0.34%	0.34%	Added +4.0k	+4,050 5.1%
80	ISHARES TR CORE S&P SCP ETF IJR	IJR	80,975	$9.5m0.34%	0.34%	Added +3.8k	+3,757 4.9%
81	NOVARTIS AG SPONSORED ADR NVS	NVS	82,041	$9.4m0.33%	0.33%	Reduced -5.9k	-5,946 -6.8%
82	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	42,501	$9.4m0.33%	0.33%	Reduced -1.0k	-1,009 -2.3%
83	3M CO COM MMM	MMM	67,244	$9.2m0.33%	0.33%	Reduced -3.9k	-3,883 -5.5%
84	ILLINOIS TOOL WKS INC COM ITW	ITW	33,991	$8.9m0.32%	0.32%	Reduced -50	-50 -0.1%
85	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	16,821	$8.9m0.31%	0.31%	Reduced -57	-57 -0.3%
86	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	36,127	$8.2m0.29%	0.29%	Unchanged
87	BANK NEW YORK MELLON CORP COM BNY	BNY	112,383	$8.1m0.29%	0.29%	Reduced -15.9k	-15,902 -12.4%
88	NVIDIA CORPORATION COM NVDA	NVDA	64,848	$7.9m0.28%	0.28%	Added +3.3k	+3,320 5.4%
89	JACOBS SOLUTIONS INC COM J	J	58,075	$7.6m0.27%	0.27%	Reduced -772	-772 -1.3%
90	TEXAS INSTRS INC COM TXN	TXN	35,877	$7.4m0.26%	0.26%	Reduced -704	-704 -1.9%
91	CARRIER GLOBAL CORPORATION COM CARR	CARR	91,407	$7.4m0.26%	0.26%	Reduced -4.7k	-4,661 -4.8%
92	LOCKHEED MARTIN CORP COM LMT	LMT	12,508	$7.3m0.26%	0.26%	Reduced -240	-240 -1.9%
93	BOEING CO COM BA	BA	47,905	$7.3m0.26%	0.26%	Reduced -263	-263 -0.6%
94	BP PLC SPONSORED ADR BP	BP	224,590	$7.0m0.25%	0.25%	Reduced -3.6k	-3,565 -1.6%
95	GOLDMAN SACHS GROUP INC COM GS	GS	13,986	$6.9m0.25%	0.25%	Reduced -150	-150 -1.1%
96	GENERAL MLS INC COM GIS	GIS	91,939	$6.8m0.24%	0.24%	Added +300	+300 0.3%
97	TARGET CORP COM TGT	TGT	41,601	$6.5m0.23%	0.23%	Reduced -4.3k	-4,349 -9.5%
98	CONAGRA BRANDS INC COM CAG	CAG	199,092	$6.5m0.23%	0.23%	Reduced -47.0k	-47,010 -19.1%
99	ENERGIZER HLDGS INC NEW COM ENR	ENR	203,006	$6.4m0.23%	0.23%	Unchanged
100	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	9	$6.2m0.22%	0.22%	Unchanged

Sold out since Q2 2024

Security	Ticker	Shares held before	Value then
LABORATORY CORP AMER HLDGS		85,998	$17.5m86.0k shares
ISHARES TR IGSB	IGSB	4,930	$252.6k4.9k shares
FORTREA HLDGS INC FTRE	FTRE	10,768	$251.3k10.8k shares
LAMB WESTON HLDGS INC LW	LW	2,633	$221.4k2.6k shares